Banknotes ban effect: Transactions via RuPay cards nearly doubled

Transactions via RuPay cards have nearly doubled as demonetization of high-denomination notes process continues. 

On November 08, PM Narendra Modi announced to ban banknotes namely Rs 500 and Rs 1000 in a move to curb blackmoney. 

National Payments Corporation of India (NPCI) on Friday said “RuPay usage on Point Of Sale (PoS) / e-Commerce was around 8 lakh transactions a day compared with a daily average of 4 lakh transactions earlier. The value of transactions almost doubled.”

A. P. Hota, MD & CEO, NPCI said, “It is heartening to witness a good number of first time users at PoS terminals. Using the PoS is even simpler than using on ATM. ”

He added, “When there are restrictions on withdrawal of cash in the aftermath of demonetisation of notes, usage of payment cards at PoS for all day-to-day purchases is the ideal way to transact.”

Further RuPay card can now also be used for booking railway tickets, bus tickets, shopping on the internet or paying bills / taxes.

So far, India has 14 lakh PoS terminals and all the terminals accept all brands of debit and credit cards.